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Company
and PRRT chapter tables |
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Company
Detailed tables
and descriptions |
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Taxation
statistics - whole document |
This chapter provides information
on companies, as reported on their income tax returns. For income tax purposes,
a company is a body corporate or any unincorporated body of persons, but does
not include a partnership and a non-entity joint venture. Limited partnerships,
corporate unit trusts and public trading trusts are also treated as companies.
Companies pay income tax in
instalments (pay as you go instalments or PAYGI), some of which are paid during
the income year in which the income is derived, or in a single lump sum paid during
the subsequent year. For the majority of companies, the income year is the same
as the financial year. However, some companies use a substituted accounting
period.
Companies pay a flat rate of
tax, without a tax-free threshold. From the 2001-02 income year, the tax rate
for public and private companies is 30%. Other companies such as retirement
savings account providers, pooled development funds, credit unions, non-profit
companies and life insurance and friendly society companies have various other tax
rates.
OVERVIEW
For the 2009-10
income year:
For the 2010-11
financial year petroleum resource rent tax (PRRT) totalled $1.0 billion. |
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